Northside Shopping Centre, Coolock,
Dublin 17
Northside Shopping Centre, located at the northern fringe of the M50 just a short drive from Dublin City Centre, is one of Dublin’s oldest and most established shopping centres. Savills has provided property management services for the centre since 2004.
The Brief
The existing Northside Shopping Centre is to undergo major changes over the coming years as it is to be incorporated into a new town centre development. The centre will continue to trade during this phase of redevelopment and Savills as the management agent will continue to raise the profile of the shopping centre to drive footfall and assist retailers in achieving their goal of staying open, trading & being profitable.
The Client
N1 Developments
Our Solution
As the retail market underwent a downturn in 2008 Savills recognised the cash flow challenges that were facing tenants and landlords alike and identified the need to reduce costs. This was achieved in a number of ways. Firstly we reviewed all of our service charge budgets and achieved savings by negotiating lower prices for provision of services by contractors. This has helped to attract new tenants to the centre. We have dealt with a significant volume of tenant requests for assistance over the last 18 months and work closely with retailers to assist them wherever possible while protecting the value of our client's asset.
How We Added Value
Savills has successfully demonstrated the effectiveness of high quality management services in ensuring the continued success of a local shopping centre in the current market. We have devised strategies for our client to manage and track the performance of tenants while working closely with our retail agency department to deliver strategic asset management solutions. Offering short term, more flexible lettings to show that we are willing to do business has ensured that we are more successful in attracting retailers than some other competing centres are at present.
